Poloniex to Delist Three Assets Also Remove Margin Trading and Lending Products

By October 10, Poloniex will delist three coins: AMP, EXP, and GNO. Also, margin trading and lending products for its US customers will be removed by the end of the year

Three Assets to be Taken Out

Poloniex has announced its seven days advance notice before taking out three assets from its listings. Customers of Poliniex who hold Synereo (AMP), Expanse (EXP), and Gnosis (GNO) will need to complete withdrawals and trades for these assets until November 9; 12:00 PM ET. Customers will be given reminders to inform them of the delisting until the said deadline. After the deadline withdrawals will be disabled.

The exchange will handle incidents in case of rare events such as interrupted wallet availability and funds that cannot be withdrawn from the delisted assets.

Products No Longer Available in the US

To abide by US regulatory requirements, margin trading and lending products offered by Poloniex will not be available for its US-based customers by the end of this year. The exchange encourages those who live within the US to begin unwinding margin positions at their convenience. The exact date for the removal of the products will be relayed in the coming weeks.

Related news

The Indian National Association of Software and Services Companies (Nasscom) has released a report that calls for regulatory certainty, particularly in areas such as cryptocurrency. The lack of legal clarity and the crypto banking ban have hindered investments in this sector, hurt crypto exchanges, and driven investors out of the country, according to the association.
Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval
Regulatory Certainty Needed
At Nasscom’s flagship Technology and Leadership Forum held from Feb. 20-22 in Mumbai, Vice President Sangeeta Gupta unveiled key highlights from a report jointly developed by Nasscom and management consulting firm Avasant. It details the current state of India’s blockchain industry, including cryptocurrency.
Asserting the “Need for regulatory certainty” for the blockchain and cryptocurrency industry, the report suggests that “A proactive, consultative and defined regulatory approach to blockchain will boost the blockchain ecosystem growth in the country,” noting:
Industry participants in India are constrained due to the cautious regulatory approach taken with respect to specific elements of blockchain, such as cryptocurrency and digital assets.
Nasscom is a non-profit Information Technology industry association which describes itself as “the apex body for the 154 billion dollar IT BPM industry in India, an industry that has made a phenomenal contribution to India’s GDP, exports, employment, infrastructure and global visibility.” Among Nasscom’s initiatives listed on its website is “Liaisons with government and industry to influence a favourable policy framework.”
The association’s report emphasizes:
India needs to act fast and work consultatively with the key stakeholders in the crypto/blockchain community and provide regulatory certainty and clarity around blockchain technology (specifically around cryptocurrencies and digital tokens).
VC Investments Hindered
Despite VC investments pouring into the blockchain ecosystem globally, India has seen less than 0.2 percent of global investments, Nasscom detailed.
“Investment through VC firms or ICOs in the blockchain ecosystem in India has been considerably low (totaling to USD 8.5M) due to the uncertain policy and regulatory environment in the country,” the report claims, elaborating:
Some of the initial, sizeable investments in India were on crypto exchanges such as Unocoin and Zebpay, which have now disabled trading through fiat currency due to an RBI directive … A restrictive regulatory environment in India is limiting the investment opportunities from both domestic and global investors into Indian start-ups.
In addition, the report notes that the lack of regulatory certainly has driven India-based investors and startups to establish operations overseas in countries such as Malta, Singapore, the U.K., and Switzerland “to limit their exposure to regulatory risk associated with the use of digital tokens or assets in India.”
Lack of Regulation Hurt Crypto Businesses
While the Indian government has a favorable view of blockchain technology and is even considering introducing a national digital currency, the report describes that it has been “hawkish on cryptocurrencies.”
Citing that there is “No explicit legal framework around ICOs or digital tokens/crypto-assets,” coupled with the government not considering cryptocurrency legal tender and the banking ban by the central bank, the Nasscom report concludes:
While there is no formal regulatory framework governing crypto exchanges, preventing access to formal banking channels has led to the shutdown of prominent crypto exchanges in India.
What do you think of Nasscom calling for fast crypto regulation in India? Let us know in the comments section below.
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The post Indian Trade Association Nasscom Calls for Fast Crypto Regulation to Drive Growth appeared first on Bitcoin News.

The tensions and bad blood between Apple and Qualcomm have just been driven a notch higher. According to Reuters, Qualcomm now wants trade regulators in the U.S. to ban the sale of some iPhones in the country. Specifically, Qualcomm wants those iPhones equipped with modems made by its rival Intel taken off shelves. With the move, Qualcomm is seeking to overturn an International Trade Commission (ITC) ruling delivered last year in September. Then, the ITC concluded that some of Qualcomm’s patents had been violated by Apple. No Ban on iPhones in the U.S. Despite violation of Qualcomm’s Intellectual Property However, the
The post Fmr. Apple Chipmaker Qualcomm Wants US Regulators to Ban Select iPhones appeared first on CCN

The U.S. Securities and Exchange Commission (SEC) has decided not to impose a penalty on a company that had issued security tokens without its approval and without qualifying for an exemption. The company raised approximately $12.7 million.
Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval
No Penalty
The SEC announced on Wednesday that it did not impose a penalty on Gladius Network Llc even though the company has been charged with conducting an unregistered initial coin offering (ICO). The agency wrote in its order:
The Commission is not imposing a penalty because of the significant steps Gladius took to remediate the violation.
The order details that Gladius conducted the ICO in late 2017 after the SEC warned about security token offerings in its DAO report. The Washington D.C.-based company raised approximately $12.7 million worth of ether “to finance its plan to develop a network for renting spare computer bandwidth to defend against cyberattacks and enhance delivery speed,” the agency explained. The ICO was neither registered with the SEC nor qualified for an exemption.
Self-Reporting
Gladius, a Nevada Llc, “self-reported to the SEC’s enforcement staff in the summer of 2018, expressed an interest in taking prompt remedial steps, and cooperated with the investigation,” the SEC detailed.
Noting that the Commission “has been clear that companies must comply with the securities laws when issuing digital tokens that are securities,” Robert A. Cohen, Chief of the SEC’s Cyber Unit emphasized that “Today’s case shows the benefit of self-reporting and taking proactive steps to remediate unregistered offerings.”
According to the SEC, Gladius has agreed to return funds “to those investors who purchased tokens in the ICO and request a return of funds, and register its tokens as securities pursuant to the Securities Exchange Act of 1934.” The company will also file a periodic report with the SEC. “Gladius consented to the order without admitting or denying the findings,” the SEC wrote.
In contrast, the SEC imposed penalties on two companies in November last year for similar registration violations. Carriereq Inc. (Airfox) and Paragon Coin Inc. were ordered to pay $250,000 civil money penalty each to the SEC for transfer to the general fund of the United States Treasury.
A ‘Terrible Example’
After the SEC’s announcement, Gabor Gurbacs, Director of Digital Assets Strategy at Vaneck and its subsidiary MVIS, commented:
This is actually a terrible example. The guy did an unregistered offering. Self-reported it. No penalties. Miraculously got away with it. No-one knows why … It’d be much more useful from regulators to establish a safe-harbor for tokens with specific parameters.
Vaneck has a proposed rule change filed with the SEC for the Vaneck Solidx bitcoin exchange-traded fund (ETF) which will be listed and traded on the Cboe BZX Exchange. It was filed on Jan. 30 and published in the Federal Register on Feb. 13.
Do you think the SEC should have imposed a penalty on this company? Let us know in the comments section below.
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The post Company Evades SEC Penalty Despite Illegally Issuing Security Tokens appeared first on Bitcoin News.